By Modupe Gbadeyanka
Schools operating in Nigeria, but charging fees in foreign currencies may be in for a big trouble if the move by the House of Representative is anything to take seriously.
This is because the lower chamber of the National Assembly has vowed to investigate educational institutions charging fees in foreign currencies despite the Central Bank of Nigeria (CBN) making it illegal.
On April 17, 2015, the CBN, in a bid to reform the currency regulations, issued a circular stating that it was illegal to price or denominate the cost of any product or service (visible or invisible) in any foreign currency in Nigeria other than the Naira.
This it said was in pursuant to Sections 15, 20(1) and (5) of the CBN Act.
But despite this, some schools operating in Nigeria still collect fees in foreign currencies, especially in the United States Dollar.
Worried by this, a lawmaker from Ekiti State, Mr Kehinde Agboola, moved a motion that something must be done to stop the illegality.
Mr Agboola alleged that American International School, Abuja (AISA) and others in Nigeria were charging school fees in Dollar.
“Even when the AISA is inclined to collect the fees in Naira, it disregards the extant financial regulations and can accept the Naira only on the parallel market rate and on the prevailing rate for the day.
“It is however of concern that the use of the parallel market rate to determine the amount of fees to be collected in Naira entails that parents pay school fees at different rates, depending on the rate in the black market, and at such, parents of children in the same class end up paying different fees for their wards, depending on the day the payment was made.
“Furthermore, the insistence on collecting fees on the prevailing black market rate amounts to a malicious rip off that the AISA and other International Schools have been perpetrating on hapless Nigerians.
“Cognizance must however be taken of the fact that all efforts by parents to make the school authorities to standardize the payment in Naira have been rebuffed and if the practice is not squarely addressed, may embolden other business outfits to adopt the same practice of denominating their goods and services in foreign currencies, contrary to the laws of the land,” the lawmaker said on the floor of the House.
After deliberations on the matter, the House of Reps directed its committee on Basic Education and Services to look into it and submit its within four weeks for further legislative action.
InterswitchSPAK 4.0 Finalists Nudge for N7.5m University Scholarships
As the semifinals of the InterswitchSPAK National Science Competition draws to an end, nine contestants are left in the race for the crown as the best Science, Technology, Engineering, and Mathematics (STEM) student in Nigeria.
The student who emerges tops will bag the grand prize of N7.5 million in scholarship for a five-year period, a brand-new laptop, and a monthly stipend. The second-place winner will go home with N4 million scholarship spread over a period of three years, a brand-new laptop, and a monthly stipend.
The third-place winner gets N1 million scholarship spread over a period of one year, a brand-new laptop, and a monthly stipend.
It is interesting to note that these students emerged from over 20,000 students that sat for the Crux Computer-Based Test (CBT) held nationally last year to compete for the bragging rights as the country’s best STEM student.
Preparations for the grand finale are in place and the excitement is high as followers of the show anticipate a stiff and rousing competition between the unusual mix of contestants left in the race.
While girls have made it through to the finale of previous seasons of the competition’s 4-year run, this season has the highest number of female finalists, they include Precious Akinyemi of Rhema Chapel International School, Oyo State, Joyce Onubogu of British Spring, Awka, Anambra; Towoju Atinuke of Seolad International College, Ogun State; and Orevaoghene Whiskey of Top Faith International School, Akwa Ibom State.
Other finalists equally competing for the grand prize include Zulqarnain Abubakar of Apt Scholars Universal College, Ogun State; Chimdubem Duruji of The Ambassadors College, Ota, Ogun State; Oraibi Okari of Jephthah Comprehensive Secondary School, Rivers State; Adesayo Elumaro of The Ambassadors College, Ota, Ogun State; and Stephen Nwaneri of Adedokun International Schools, Ogun State.
Over the years, InterswitchSPAK has remained committed to driving the interest of young African students in STEM subjects by encouraging and rewarding them in their pursuit for excellence. InterswitchSPAK is a flagship CSR initiative of Interswitch, Africa’s leading integrated payments, and digital commerce company.
To catch the grand finale, tune in to DSTV Africa Magic Family 154 on Sunday, 29th January 2023 at 5:30 pm, with a repeat broadcast on Wednesday, 1st February 2023 at 3 pm; and on the AIT Network at 7.30 pm on Sunday, 5th February 2023. You don’t have to miss the action while on the go, you can watch the show on platforms such as LinkedIn and YouTube.
Stay tuned for the finals. It promises to be nothing short of entertaining, educating, and thrilling. Bond with family while at it. What better way to inspire the budding generation than to give them something to aspire to, knowing that if they can dream it, they can achieve it.
How Nigeria Can Boost FX Inflow from Education Tourism—Schoolingyonda
By Modupe Gbadeyanka
Nigeria can improve its shortage of foreign exchange (FX), pressuring the Naira at the currency market if the government pay attention to education tourism, an educational consultancy, Schoolingyonda, has submitted.
At the moment, many Nigerian students go outside the country to further their education because of different issues in the country, including insecurity and others.
But Schoolingyonda believes Nigeria, which prides itself as the giant of Africa, can attract education tourism by showcasing the country’s showbiz sector, which comprises music, dance and fashion, to the world.
The Principal Consultant of Schoolingyonda, Mrs Funmi Modupe, described education tourism as one of the different forms of tourism, noting that it is a way to provide the best education to students learning while enhancing knowledge.
The increase in this type of tourism is based on the growing popularity of attaining knowledge and technical competencies from the best destinations around the world.
“Our major focus with EduTourism is to simply showcase what we have, that which we as Nigerians are exceptionally talented and the world already recognizes,” she said as the company prepares to celebrate International Day of Education.
Mrs Modupe stated that “in today’s education system, we should be teaching our unique dance, fashion and music styles to attract other students around the globe.
“You will all agree with me that these are areas in entertainment that the whole world already identifies Nigerians’ speciality. We initiate a dance step, the entire world copy, and via modern technology, it goes viral across different social channels.”
In proposing some solutions, Schoolingyonda argues that there is a pressing need for Nigeria to argue the existing programs, especially in our tertiary institutions and centres of learning.
She strongly believes that the country has all the necessary skills and talents to harness the economic benefits of creative arts, advocating the introduction of innovative programs infused into traditional music, fashion and dance across selected public and private institutions.
Nigeria has some unique dance styles which can be researched, recorded, designed and crafted into programs to be learnt by students from diverse regions. This will further increase the interest of young Nigerians in the arts and creativity, she submitted.
She also proffers that there is a need to bring dance and music into academic learning for posterity, developing history and increasing diversity. Restructuring the arts with a good blend of our traditional and contemporary dance will definitely spark positive global attention.
Schoolingyonda is an educational consultancy service with the goal of offering students personalised study, thereby assisting parents and their wards to acquire opportunities abroad.
Evolve Targets Nigerian Students to Tackle Global Climate Change
By Modupe Gbadeyanka
To tackle global climate change, a non-profit organisation that focuses on girl-child education, Evolve, has decided to provide quality education for 50,000 female students across Nigeria.
This would be achieved through the support of its lead partner, Polaris Bank, which plans to adopt several schools across the country to cater for the needs of the girl child.
The Evolve programme, which was launched in 2020 to address the global challenge of climate change through the education of underprivileged girls, is designed to impact over 50,000 direct beneficiaries and 200,000 indirect beneficiaries in the next five years.
Speaking on the impact of the project, the Managing Director of Pacegate Limited, Mr Umesh Amarnani, said, “The Evolve CSR program aims to ensure girl-child education and empowerment to help curb global warming and make an impact in the community.”
“At Pacegate, we are committed to building a more sustainable and responsible environment where every girlchild feels valued, empowered, and can contribute to the society at large.
“We strongly believe that through the schools’ supplies provided, value-based education being taught to school teachers, and support received from our sponsors, the girlchild will have access to a higher level of educational opportunities,” Mr Amarnani added.
Also commenting on the initiative, Polaris Bank’s Group Head of Customer Experience Management & Sustainability, Ms Bukola Oluyadi, said, “We recognise that education and youth empowerment are the most significant indicators of social progress. Our commitment to these has been the drive for the empowerment of the girl-child and, thus, the partnership with Evolve.
“Since 2021, we have partnered with Evolve and adopted several schools across Nigeria to cater for the needs of the girl child.”
Evolve has a clear mandate using S-connect approaches adapted from Heartfulness Institute Hyderabad. Through the S-connect, Evolve initiative reaches out to educational institutions, most secondary schools across the country, by providing their female students with basic school supplies in fulfilment of Evolve’s mission to tackle Climate Change by empowering the girl-child.
Since its inception, Evolve, in collaboration with all of its partners, has donated school supplies, including school uniforms, sandals, notebooks, pens, and bags, to over 10,000 female students in 32 schools across nine states in the country.
In 2022, Evolve also launched Inspire program to impact teachers specifically. Inspire is a value-based education enrichment program that assists educators in developing a heart-centred approach to teaching. The focus is to enable teachers to take a holistic approach towards student growth using 21st-century styles of learning such as the Heartfulness Way.
Evolve is the CSR arm of ADIPRO Chemicals, executed through Pacegate Limited and PEARL in Nigeria. The Girl Child Education Initiative was launched based on the Project Drawdown Report to address global warming by focusing on educating the girl child.
Asides from Polaris Bank, Evolve has received support from other partners to achieve its mission of empowering girls to reduce global warming eventually. These partners include OVH Energy Marketing, now NNPC Retail Ltd, Bic and Crownstar who have supported Evolve with school supplies, as well as Hill and Knowlton strategies, an international PR consultancy supporting the project with media and publicity.
Latest News on Business Post
- Streamlining and Increasing Pharmacy Inventory Workflow January 27, 2023
- Ecobank Ellevate, Others Train Fashion Entrepreneurs in Nigeria January 27, 2023
- ALAT Urges Nigerians to Imbibe Stronger Savings, Investment Culture January 27, 2023
- Lavrov Yet to Begin Choosing between Illusions and Reality for Africa January 27, 2023
- Is Loan Financing The Best For Startups? January 27, 2023
- How to Improve the Efficacy of Your Remote Workforce January 27, 2023
- How Much Is House Rent In Abuja? Everything You Need To Know January 27, 2023
- Unlisted Securities Market Gets 0.34% Boost Thursday January 27, 2023
- Naira Crashes at Parallel Market, Gains at Official Market January 27, 2023
- Stock Market Rebounds by 0.29% as GTCO, Others Enjoy Patronage January 27, 2023